Answer:
<u>Cost of goods manufactured statement for March</u>
Direct labor $3,500,000
Materials $2,683,100
Indirect labor $320,000
Machinery depreciation $210,000
Heat, light, and power $175,000
Supplies $34,900
Property taxes $30,000
Miscellaneous costs $45,700
Add Opening Work in process Inventory $435,900
Less Closing Work in process Inventory ($510,400)
Cost of goods manufactured $6,924,200
Explanation:
Prepare a Raw Materials T - Account to determine the cost transferred to Manufacturing Account for Raw Materials.
Raw Materials T - Account
Debits :
Opening Balance $210,000
Purchases $2,666,200
Totals $2,876,200
Credits :
Closing Balance $193,100
Materials transferred to Production $2,683,100
Totals $2,876,200
